Growing your own small business can be one of the most exciting journeys you could ever embark upon!
But it's important that you continuously implement new and fresh ways to generate sales and improve your profitability in order to stay ahead of the market!
Here are the next 5 Strategies to help you propel your business to new heights of success!
1. Develop your own Loyalty Program
If you have a look in my wallet, I have a Jesters Pies Card, a Subway Card and a Video Ezy card - all of which entitle me to something for nothing once I have made enough purchases!
Some people will call me cheap...I just think it makes sense! If I'm going to buy something anyway...why not go somewhere that rewards me for my loyalty?
If people have to buy your type of product or service from somewhere, why not make it more attractive for them to buy from you?
Create your own loyalty program and create regular, satisfied customers who get rewarded for giving you their business!
2. Collect email addresses from your clients (with their permission!)
The most cost effective form of marketing today is via email and if you haven't already started collecting your client's email addresses then start today. You may wonder how that could possibly help you grow your business, but let me give you an example.
I recently heard of a Hairdresser who started collecting email addresses from her clients each time they came to have their hair cut - with the promise that she would keep them informed of any specials that she might be offering.
Now, when she looks at the next week's bookings - if there are lots of spare appointments she fires out an email to all of her clients offering a special for 'Next Week Only!' - and bingo! She has a full week of appointments.
She's happy and her clients are made to feel even more special that they've picked up a reward for their loyalty!
3. Create your own monthly newsletter
Every business has something interesting to share with their clients and I'm sure yours is no exception! Once again, by using your email addresses, you can provide a very low cost service to your clients, and give you an excuse to keep in touch with them every month.
If you're an accountant, then why not provide financial tips relating to the time of year. Eg GST info, Tax Tips etc.
If you are a mechanic, what about some tips for keeping your engine running smoothly. Eg Checking the oil and water, tyre pressure etc.
Maybe you're a Lawnmowing contractor...what about suggestions for keeping your grass green and lush according to the different seasons.
Of course each month you can also offer 'specials' to your loyal clients to bring in extra profits during the quieter times. In the meantime, you're building a stronger relationship with your existing clients.
4. When was the last time you raised your prices?
Here's an instant way to increase your profits!
Are you underselling your services? Have you checked what your competitors are charging recently?
By adding some of the value added services that I've already addressed in the previous questions, you can probably also add some increases to your pricing without too much drama from your clients.
If you have an excellent product or service, don't become the discount king or queen...become the Exceptional Service Provider.
People don't mind paying for good quality service...because there is so little of it around!
If you mow a fifty lawns a week at $16 each, are people really going to mind if you increased your price to $17? Or what about even $20 - but each month you left them with a special report about how to care for some aspect of their lawn or garden for that month of the year - or maybe even threw some fertilizer on their grass! (They'll need to get you back even sooner if their grass grows better!)
You just added an additional $50 - $150 to your weekly profits - for very little extra work!
Think creatively!!
5. Develop your own Board of Directors
You probably know of other successful business operators in totally different fields from you, and their ideas could also be of benefit to your business.
Why not create your own Board of Directors. Offer to take them out to lunch as a group every two months and brainstorm for ideas on what they would do if they were running your business.
You may pick up two or three new ideas which is not a bad return on your investment of lunch!
Successful people love to share their ideas, so become a sponge and learn as much as you can!
Start applying these principles to your business today, and watch your profits grow!
